230 James St N

14-storey residential development proposed for King & Caroline in Hamilton

230 James St. N. in downtown Hamilton has sold.
This week witnessed a good level of transitions for all subject markets.

For the second consecutive week, the largest purchase occurred in Kitchener, where a 58-unit, multi-residential building at 475-477 Lancaster St. W. sold for $16.5 million ($285,000/unit). It’s a slightly high purchase price, but that’s understandable, considering multi-residential is the most robust asset class.

In Hamilton, the most exciting transaction was for 230 James St. N. The downtown mixed-use building was purchased for $2.35 million ($358/sq. ft). This purchase price appears fair: In 2021 and 2022, James St. has witnessed similar buildings trade in the high $300s to low $400s/sq. ft.  

Hamilton’s Design Review Panel has reviewed three proposals, including a 14-storey, 68-unit multi-residential development for the southwest corner of King and Caroline, which is currently the site of a small retail plaza.

The intersection is on the future LRT line and is attracting extensive development:

  1. The northeast corner is the site of the Radio Arts residential development by Canlight.
  2. The southeast corner saw a 30-storey proposal in 2021 by Vrancor Group.
  3. Just one address to the east, McMaster University’s 30-storey graduate residence is under construction.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

Ales Manojlovich

News Headlines

Hamilton Design Review Panel: October 2022
215-217 King St W
160 King St E
2900 King St. E.

ArcelorMittal Dofasco’s ‘green steel’ transformation to start in January
The Hamilton Spectator, October 14, 2022

Municipal Benchmarking Study, Greater Toronto Area
Altus Group, September 27, 2022

Canada’s permanent resident application backlog is forcing thousands of skilled workers to quit and return home
The Globe & Mail, October 12, 2022

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212 Glover Rd. in Hamilton

Alex Manojlovich’s Weekly Market Report: LiUNA files two non-decision appeals to OLT

The week’s most significant transaction was for this 65-acre vacant industrial site at 212 Glover Rd. in Hamilton.

This week witnessed a decent volume of deals, with Hamilton being the top performer for the second consecutive week.

The volume of transactions continues to be steady since the Bank of Canada increased its rate by 1.00% to 2.50% on July 13.

This week’s largest transaction occurred in Hamilton, where IKEA Properties purchased a 65-acre vacant industrial site at 212 Glover Rd. for $82 million (approximately $1.25 million/acre). This looks to be a good price, as the cost of industrial land in Hamilton is rising quickly. Specifically, this industrial land node close to Nebo Rd. has witnessed land transactions of $1.5 million for smaller parcels. Also of note is the neighbouring industrial land at 190 Glover Rd., which was purchased by RFA Capital for approximately $6 million ($1.2 million/acre).

This week’s second-largest transaction occurred in Kitchener, where Fusion Homes purchased 6.9 acres of residential land for $3.2 million/acre.

In the news, LiUNA has filed two non-decision appeals to the OLT, Metrolinx has released a video previewing how the LRT will be constructed, and the Toronto rental market is tightening.

News Headlines

LiUNA files two non-decision appeals to OLT
The Public Record, July 25, 2022

CityHousing Hamilton projects face $5.4M gap
The Hamilton Spectator, July 25, 2022

Metrolinx releases new video highlighting how Hamilton’s LRT will be constructed
In The Hammer, July 25, 2022

New noise study underway on City Centre development application
The Public Record, July 29, 2022

OPM moves into former Walmart, future NHDG development
The Hamilton Spectator, July 22, 2022

Widespread support for car-free King St experiment
The Hamilton Spectator, August 2, 2022

Intelligent Investment: Canadian Cap Rates & Investment Insights Report
CBRE Research, Q2 2022

Toronto rental market tightens as ‘uneconomical” projects get scrapped
BNN Bloomberg, July 22, 2022

More families are choosing multigenerational living amid Canada’s housing crisis
The Globe & Mail, July 25, 2022

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